"The official unemployment rate grossly understates the actual number of people who, by all realistic measures, are unemployed. It’s very hard to come up with a reliable figure as it’s almost impossible to count all these people accurately. Estimates, however, range from 16% all the way to a gigantic 17.5% ! The Wall Street Journal reckons it’s at about 16.8%!"
"Realistically speaking we are looking at an unemployment rate of closer to 16.5% than the 9.7% we’ve been getting officially. Using my above calculations the situation is dire – around $600 billion in lost income and spending, closer to 5% of the economy."
The full post is available here.